文｜新消费早参 狂飙的泡泡玛特，在股价上踩了急刹车。 昨天，泡泡玛特股价又跌了5个点，以190.3港元/股收盘。这一表现较8月份高点的339.8港元/股已然缩 水近44%。市值蒸发超2000亿港元，几乎等同于一个海天味业。 这并非是新课题。当一个主打创意、IP、文化娱乐的品牌公司，开始进行规模化工业生产时，泡泡玛特 就已陷入"可获得性悖论"：稀缺的潮流IP或将沦为大众消费品。 对标"前辈"迪士尼先后布局娱乐、体育、体验等业务板块，国潮泡泡玛特可能还有很长的路要走。 股价"跌跌不休" 在最近7个交易日，泡泡玛特股价只有两日飘红。且在飘绿交易日中，该公司股价动辄就下滑八九个 点。 如果对比近期股价制高点的8月29日（339.8港元/股），泡泡玛特市值已经缩水超4成。 自2020年底登陆港股，泡泡玛特以80港元/股的发行价出现在股民面前。在2022年第四季度，其股价跌 落谷底，跌破10元。但从2024年2月底，泡泡玛特股价开始回升，至2024年10月底，其股价再度逼近发 行价。此后便一路走高，至2025年8月29日的盘中339.8港元/股。 粗略估算一下，泡泡玛特这一波下跌行情已经持续了3个多月时间。 根据外部消息 ...

Core Insights - The company Tanwan has signed a strategic cooperation agreement with COEXIST Group to develop and promote derivative products based on the works of over 200 artists, marking a significant expansion in the collectible toy industry [1][2][3] Group 1: Strategic Cooperation - The agreement allows COEXIST Group to integrate resources from more than 200 artists, creating a unique IP matrix that combines artistic value with commercial potential [2] - Tanwan will have exclusive rights to develop, design, produce, and sell collectible toys based on the artists' works, including various product types such as sculptures, plush toys, and action figures [2][3] Group 2: Artistic and Commercial Integration - The collaboration aims to establish a new paradigm for "artist IP," providing comprehensive support from market assessment to product development and promotional activities [3] - Tanwan plans to explore further collaboration opportunities with artists and expand partnerships to include its own brands and internationally recognized IPs [3] Group 3: Future Strategy - The company is focused on building a new collectible toy ecosystem centered around the "IP ecosystem strategy," which includes classic IPs and artist IPs as key pillars [4] - The goal is to enhance user engagement and emotional connection through creative and fun collectible toys, ensuring that art becomes a part of daily life [4]

Core Viewpoint - The company, 贪玩 (TANWAN), has signed a strategic cooperation agreement with COEXIST Group to develop and promote derivative products based on the works of over 200 artists, marking a significant expansion in the潮玩 (trendy toy) industry and integrating classic IP with artist IP [1][2][3] Group 1: Strategic Cooperation Agreement - The agreement involves the integration of resources from COEXIST Group, which will sign contracts with over 200 artists to obtain complete authorization for the project, creating a unique IP matrix that combines artistic value with commercial potential [2] - TANWAN will have exclusive rights to develop, design, produce, and sell trendy toy products based on the artists' works, including sculptures, plush toys, and other derivative products [2][3] Group 2: Full-Chain Support and Market Strategy - The cooperation aims to establish a new paradigm for "artist IP," with TANWAN leveraging its expertise in user insights, data analysis, and targeted marketing to support artists from initial creation to product launch [3] - Future collaborations may extend to TANWAN's own brands and internationally recognized classic IPs, enhancing the creative development of IP products [3] Group 3: IP Ecosystem Strategy - The company plans to build a new潮玩 ecosystem centered around an "IP ecosystem strategy," focusing on the integration of classic IP and artist IP, emotional interaction design, and social experience [4] - The brand's mission is to illuminate daily life with creativity and fun, aiming to resonate emotionally with users through trendy toys that serve as mediums for personal expression [4]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並表明概不就因本公告全部或任何部分內容而產生或因依賴 該等內容而引致的任何損失承擔任何責任。 Tanwan Inc. （ 於 開 曼 群 島 貪玩 註 冊 成 立 的 有 限 公 司 ） （股份代號：9890） 自願公告 簽訂藝術家作品開發合作協定 本公告由貪玩（「本公司」，連同其附屬公司及中國經營實體1 ，統稱為「本集團」） 作出之自願公告，使其股東及潛在投資者知悉本集團之最新發展。 本公司欣然宣佈，於2025年11月27日，本集團專注於潮玩業務的全資附屬公司 廣州粒粒呀文化娛樂有限公司（「TANWAN」）與COEXIST CO., LIMITED（共凝文 化集團有限公司）及深圳市共藝斯文化有限公司（兩家公司合稱「COEXIST集 團」）簽訂戰略合作協議《藝術家作品開發合作協定》（「戰略合作協議」），整合 逾二百名潮玩藝術家（「藝術家」），共同開展藝術作品的衍生品開發、銷售及推 廣活動。合作期限（「合作期限」）為五年，自2025年11月27日至2030年11月26日。 此次合作標誌著本集團依託自身在 ...

Core Insights - The eighth China International Import Expo (CIIE) is being held from November 5 to 10 in Shanghai, showcasing various brands including Pop Mart, which emphasizes its theme of "Creating Trends, Boundless Play" [1][4] - Pop Mart prominently features its popular IPs, SKULLPANDA and CRYBABY, creating an immersive experience for attendees [4] Group 1: Event Highlights - Pop Mart's exhibition design is inspired by a "birthday celebration," creating a warm and festive atmosphere with a giant birthday cake adorned with various IP characters [1] - The SKULLPANDA character, created by artist 熊喵, embodies the aesthetic concept of "boundless imagery," while CRYBABY, designed by Thai artist Molly, focuses on emotional expression and resonates globally [4] Group 2: Product and Market Expansion - Pop Mart showcases a diverse range of products including figurines and plush toys, enhancing the customer experience with smooth offline services and unique brand culture [4] - The company is expanding its product matrix to include new categories such as building blocks, desserts, and jewelry, breathing new life into its IPs and enriching consumer experiences [4] - By 2025, Pop Mart aims for triple-digit growth across four major regions, with the Americas experiencing over tenfold growth, marking a significant milestone in its international strategy [4] Group 3: Global Presence - Pop Mart continues to establish its presence in iconic global locations, opening its first store in landmark areas such as Cambridge, UK, and Bali, Indonesia, with a total of over 570 stores worldwide [5] - The company has also opened its first store in the Middle East at Hamad International Airport in Doha, becoming the first Chinese brand to enter this airport [5]

Core Insights - The "Urban Commercial Quality Improvement Action Plan" aims to enhance urban commercial systems by promoting diverse consumption and supporting high-quality economic development [1][2] Group 1: Policy and Industry Trends - The plan emphasizes the dual approach of supply and demand, focusing on innovation and quality upgrades to meet diverse consumer needs while enhancing consumption willingness through optimized experiences [1][3] - The integration of culture, commerce, and tourism is highlighted as a key feature, aiming to create unique commercial landmarks that enhance urban soft power and attract international tourists [2][3] Group 2: Company Strategies - Companies are actively aligning their strategies with the plan, such as Beijing Yuanlong Yatu Cultural Communication Co., Ltd., which is expanding its C-end retail business and focusing on cultural IP collaborations [4][5] - The company is developing various products based on popular global IPs, which have received positive consumer feedback, indicating a successful integration of diverse business models [5]

Core Insights - The company Yuanlong Yatu (002878.SZ) reported a revenue of 2.214 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 23.75%, and a net profit attributable to shareholders of 8.986 million yuan, up 127.09% [2] - In Q3 alone, the company achieved a revenue of 823 million yuan, marking a 41.06% increase year-on-year, and a net profit of 13.593 million yuan, which is a 235.80% increase [2] Group 1: Business Strategy and Performance - The company is advancing its "Big IP + Technology" core strategy, transitioning from a B2B marketing leader to a "B+C linkage" model, focusing on retail IP cultural product design and development [2][3] - The marketing services segment, including promotional services and new media marketing, generated 2.176 billion yuan in revenue, a 25.17% increase, with a gross profit of 259 million yuan, up 2.86% [3] - The sports IP sector has shown significant growth, with licensed merchandise revenue reaching 33.56 million yuan and a gross margin of 35.22%, benefiting from events like the Harbin Winter Games and Chengdu Universiade [3] Group 2: C-end Retail Strategy - The establishment of the wholly-owned subsidiary Yuanlong Yuanchuang Cultural (Beijing) Co., Ltd. and the launch of the C-end retail brand "Yuanlong Yuanchuang" marks a significant milestone in the company's strategy [4] - The first store opened in Beijing features nearly 20 well-known IPs and around 400 SKUs, combining standardized IP scenes with local cultural displays [4] - The company is expanding its C-end market presence through diverse channel layouts and product development, creating a "B+C linkage" business model [5]

Core Viewpoint - Guohai Securities maintains a "Buy" rating for Pop Mart (09992) and raises the company's profit forecast, expecting revenue from 2025 to 2027 to reach 38.53 billion, 49.50 billion, and 58.55 billion yuan, with net profit attributable to shareholders at 13.13 billion, 17.03 billion, and 20.19 billion yuan respectively, indicating strong growth potential in the collectible toy market [1] Group 1: Revenue Growth - The overall revenue for Q3 2025 is expected to grow by 245%-250% year-on-year, with domestic growth at 185%-190% and overseas growth at 365%-370% [1] - Revenue from overseas regions such as Asia-Pacific, Americas, and Europe is projected to grow by 170%-175%, 1265%-1270%, and 735%-740% respectively [1] - As of the end of Q3 2025, Pop Mart has opened 154 overseas stores, with plans to reach 200 by the end of 2025 [1] Group 2: Market Expansion - The company is accelerating its store openings in the U.S. and expanding partnerships with bookstores, including a collaboration with Books-A-Million to introduce Pop Mart products [2] - The recent launch of the Skullpanda collaboration has generated significant interest, with TikTok videos reaching 1.5 million views and over 137,000 likes [2] Group 3: Product Performance - In Q3 2025, revenue from offline and online channels in China grew by 130%-135% and 300%-305% respectively [3] - The company has increased the pace of new product launches, introducing 20 blind box products and 14 plush series in Q3 2025 [3] - The Starry People IP is gaining momentum, with significant demand for new plush products, indicating a strong market interest [3] Group 4: Seasonal Opportunities - Q4 is expected to be a peak season with multiple holidays, including Halloween, Double 11, Thanksgiving, Black Friday, and Christmas, providing opportunities for new product launches [4] - The company anticipates the release of several key products during these important holiday periods [4]

Core Viewpoint - Guohai Securities maintains a "buy" rating for Pop Mart (09992) and raises the company's profit forecast, expecting revenue and net profit growth from 2025 to 2027, driven by its leadership in the trendy toy culture and commercialization [1] Group 1: Revenue Growth - The company expects overall revenue growth of 245%-250% year-on-year for Q3 2025, with China growing by 185%-190% and overseas markets by 365%-370% [1] - Revenue from overseas regions is experiencing high growth, with Asia-Pacific, Americas, and Europe showing year-on-year increases of 170%-175%, 1265%-1270%, and 735%-740% respectively [1] Group 2: Store Expansion - The company has accelerated its store openings in North America, with a total of 154 overseas stores by the end of Q3 2025, aiming for 200 by the end of 2025 [1][2] - A partnership with Books-A-Million has been established to enhance market penetration, with new products being launched in their stores and online [2] Group 3: Product Performance - The "Starry People" IP is gaining momentum, with Q3 2025 showing a 130%-135% year-on-year increase in offline revenue and a 300%-305% increase in online revenue [3] - The company launched 20 blind box products and 14 plush series in Q3 2025, indicating an accelerated product release schedule [3] Group 4: Seasonal Opportunities - Q4 is expected to be a peak season with multiple holidays, including Halloween, Double 11, Thanksgiving, and Christmas, which will drive sales [4] - The company anticipates the release of significant new products during these key holiday periods [4]

Overview - The report highlights the successful performance of JD Group during the Double Eleven shopping festival, with significant growth in active users and sales across various categories [8][9]. Company Performance - JD Group's active user count increased by 47.6% from October 9 to 10, leading the industry in user growth [8]. - Sales in categories such as home appliances, mobile phones, and digital products saw over 70% growth in order volume by October 14 [8]. - The company reported a tenfold increase in transaction volume for exclusive custom products [9]. Delivery and Logistics - The report notes a reduction in subsidies for the delivery service, which, combined with improved delivery efficiency, is expected to lead to a decrease in losses for JD's food delivery business [9]. - The growth in order volume during the peak season and improved order structure are anticipated to enhance revenue [9]. Technological Advancements - JD Group introduced JoyAI, a large AI model aimed at optimizing supply chain efficiency across retail, logistics, health, and industrial sectors [9]. - The focus on core retail business growth, improvement in delivery unit economics, and the impact of JoyAI on supply chain efficiency are viewed positively [9]. Financial Projections - The report projects revenue growth for JD Group, with expectations of continued expansion in both domestic and international markets [6]. - The company is expected to achieve revenues of 435.00 billion, 549.00 billion, and 645.00 billion yuan from 2025 to 2027, with corresponding net profits of 140.56 billion, 180.70 billion, and 214.19 billion yuan [6].